Government Legislation

Saskatchewan

The Financial and Consumer Affairs Authority of Saskatchewan, Consumer Credit Division, has announced its new website, www.fcaa.gov.sk.ca

Saskatchewan Licence Applications under The Payday Loans Act

Documents (templates) to assist applicants for payday lender licences with the licensing process. Also a list of common problems and suggestions to address those problems.

• A section 20 (pre-contract) disclosure template document, with explanation and commentary highlighted in yellow;
• An example of the section 20 (pre-contract) disclosure template completed for a fictional payday loan company, ABC Payday Loans Inc.;
• A template for the sign required to be posted pursuant to section 21 of The Payday Loans Act;
• An example of the template sign completed for the fictional payday loan company, ABC Payday Loans Inc.; and
• A document titled, "Common Problems with Submitted Licence Applications", which describes problems commonly encountered when we review licence applications, an explanation how to address each problem and examples of acceptable approaches.

The attached templates are not mandatory. Applicants are free to adopt them in their entirety, adopt portions of them, or to just use them as a benchmark comparison for their own documents. If you choose to use them, you will need to personalize the template documents to your own company and practices (i.e., company name, fees charged, lending rate, form of advances, etc.)

PLEASE NOTE: The templates, suggested solutions and examples are provided solely to assist applicants to meet regulatory requirements; they are not to be considered general legal advice. If you have any questions concerning the ramifications, legal or otherwise, relating to any of the templates, suggested solutions or examples described, please consult your legal counsel or other advisor.

If you have any questions about this email or the attached documents, or if you feel there are other ways that we can assist you with the licensing process, please contact Angela Fraser at 306-787-5711 or angela.fraser@gov.sk.ca.

Website

We are pleased to announce that the Consumer Credit Division’s website is now available at http://www.fcaa.gov.sk.ca/. Our site has important information for payday lenders operating in Saskatchewan.

Licence Application Kit

Saskatchewan’s Licence Application Kit can be found on our website in our “Information for Financial Service Providers and Companies” section. Information for Payday Lenders.

Feel free to contact me if you have any questions or concerns.

Regards,
Angela Fraser B.Admin, CGA
Audit Manager
Consumer Credit Division
Financial and Consumer Affairs Authority of Saskatchewan
601-1919 Saskatchewan Drive
Regina, SK S4P 4H2

Phone: (306) 787-5711 or (306) 787-6700
Fax: (306) 787-9006
Email: angela.fraser@gov.sk.ca

Bill 43: An Act respecting Payday Loan Agreements, Payday Lenders and Borrowers. (PDF)

Government of Saskatchewan